报告摘要

Climate change adaptation initiatives are designed to navigate climate change. However, it is unclear how firms and creditors perceive regulatory risks and adaptation strategies associated with such initiatives. Employing the staggered introduction of state-level climate change adaptation plans as quasi-exogenous shocks, we find that initiating such plans significantly increases the reliance on private debt financing for affected firms. This effect is more pronounced among firms prone to suffer from climate risks, with more fragile fundamentals and higher information asymmetries. Our findings shed light on how climate issues determine the perceptions of various types of creditors and affect corporate decisions.

报告人简介

倪骁然，厦门大学经济学院、王亚南经济研究院教授、博士生导师、金融系副主任。入选国家“万人计划”青年拔尖人才、财政部高层次财会人才素质提升工程、福建省百千万人才工程、厦门大学南强青年拔尖人才。在《经济研究》《管理世界》《经济学（季刊）》《金融研究》、Journal of Economic Behavior and Organization、Journal of Corporate Finance、Journal of Banking and Finance、Journal of Empirical Finance、Journal of Financial Markets等国内外重要学术期刊发表论文50余篇。主持国家自然科学基金面上项目、青年项目。获得福建省社会科学优秀成果二等奖、洪银兴经济学奖、亚洲金融学会年会最佳论文奖、厦门大学青年教师教学技能比赛一等奖等多项教学科研奖励。